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There must be a lot of shorts outstanding here, who were not expecting the initial funding to be sorted at 5.2p. The TW army of shorting bell3ends for one, who had been spouting for weeks of continuous foul play and delisting. Well, now half the funding agreement has been secured they are obviously in a bit of a predicament. I'll be expecting continuous bashing for a while yet, and of course a focus on the YA deal which i must admit has it's issues, but the T&Cs certainly try to encourage the "longs" but god knows in practice if that happens.
I believe the bad news is well out the way now and the SP is accordingly in the doldrums. I bought more shares yesterday after that massive trade (short closing probably - dodgy timing LOL) and hope that DS will now build some positives from here.
Positives including...
SMP giving us $3 Million for their disastrous rig.
Production plan now funding sorted - how we get out 2.5k bopd from Djeno to start with
Director buys - he's said he will once he is out of a closed period
License confirmation - must be sorted for funding sign off
Drilling campaign and consistent updates
Fingers crossed it is the start today of a serious move up. Remember this isn't some wildcat drill, we have huge amounts of oil from multiple zones and the motherload that is the Djeno.
IMO buying now will return multiples by year end with a bit of luck. ATB to the genuine ones.
Do you mind answering my question bennyson. You said a couple of days ago you were going to get back to me with where your claims that Sefton and berwick were buying 11,000BPD for £24m had come from?
It was quite a claim. Be good if you confirmed where you got this from.
SG in response to your earlier point
"In the event that there is a Balance at the end of the period of the ISA, the ISA will be extended and the Company will continue to receive Monthly Payments until the Balance is extinguished. " Unless I'm reading it wrong that point to us getting the required cash.
On the point ou make "Completely against their normal way of business which makes me slightly uneasy." I take that as a good sign that they must be ultra confident in a climb.
Although the company have agreed not to disclose inside information to these investors, I would bet my life on them having an awful lot more knowledge of reality than we ordinary PIs do. Committing to those sort of levels of financing would surely require a bit more than ifs and maybes. So all is good from my point of view
So you don't believe this statement in RNS ?
"Investor Covenants
The Investors have covenanted to the Company:
· That they will not dispose of any ISA Shares for a 30-day period commencing on the date of Admission;
· Not to participate in daily trading which represents more than 19.99% of the daily trading volumes of trading in the Ordinary Shares at any time during the term of the ISA;
~~~~~~~~· Not to forward or short sell any interest they have in any Ordinary Shares during the term of the ISA; ~~~~~~~~~
· Not to lend the legal and/or beneficial ownership of the Ordinary Shares they hold during the term of the ISA;
· Not to use the Ordinary Shares they hold as security during the term of the ISA; and
· Not to acquire more than 29.99% of the voting rights in the Company during the term of the ISA.
LB28,
I don’t trust them either, but can’t see how they could make money from short selling if shares are issued at 5.2p. If VWAP is below 5.93p they handover less than 100% of monthly cash but also get less shares at 5.2p.
If you can think of a way to get round it I’d love to know as I’m stumped at the moment.
Had to go through it a few times as it’s more complicated than anything I’ve seen on AIM before. Looks like a good deal for everyone, but risky one for AAOG. No real risk of death spiral as all shares are issued at 5.2p. Biggest risk is not getting enough cash from deal if sp remains well below 5.2p so with that in mind they must be confident of sp north of 5.2p - let’s hope they’re right.
Also not much chance of manipulating the sp with a VWAP of 30days. So pretty much as good as they could have done under the circumstances. Still not restored my faith in DS, but at least gives me some hope. Might even add a few more at these levels.
Still struggling to believe that Riverfort and YA II signed up to a deal where the only way of making extra money is if the share price rises. Completely against their normal way of business which makes me slightly uneasy. Just don’t trust them, but haven’t found another angle they could use to milk it apart from SP going up.